Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to help ensure that the recent reduction in wholesale petrol and diesel costs is passed onto consumers.

On the 11th June, the then Secretary of State wrote to the Competition and Markets Authority (CMA) to request an urgent review of the fuel market, as well as a longer-term market study under the Enterprise Act 2002, to explore whether the retail fuel market has adversely affected consumer interests.

The CMA published their report on 8 July. Their initial findings indicated that the market for the supply of retail fuel in the UK appeared to be relatively competitive. On that basis we would expect reductions in wholesale costs to be passed onto consumers. Previous BEIS analysis has shown that both falls and rises in costs are passed through over the course of a few weeks.

The CMA did find some areas that warrant further investigation, and immediately launched a Market Study into the supply of road fuel in the UK. The study will enable the CMA to consider what more can be done to improve outcomes for consumers. It has said that it aims to complete this work well within the statutory 12 month time limit.